Please use this identifier to cite or link to this item: https://hdl.handle.net/1889/2890
Full metadata record
DC FieldValueLanguage
dc.contributor.authorLandini, Fabio-
dc.contributor.authorArrighetti, Alessandro-
dc.contributor.authorLasagni, Andrea-
dc.date.accessioned2016-01-07T16:01:19Z-
dc.date.available2016-01-07T16:01:19Z-
dc.date.issued2015-11-
dc.identifier.urihttp://hdl.handle.net/1889/2890-
dc.description.abstractThe crisis regarding the Euro area has caused several business closures, especially in the periphery of the EMU. In this paper we use an orginal Italian firm-level dataset to determine why firms exit the market during times of economic crisis, paying particular attention to the role of intangibles. We argue that intangibles strenghten a firm's resilience, which improves the firm's ability to cope with adverse events and unexpected shocks. We obtain two main results: first, we show that the presence of intangibles significantly reduces the probability of firm exit, especially during the initial phase of the crisis, second, we find that financial constraints become more relevant than intangibles in explaining firm exit during the latest stages of the crisis. Thus, the process of firm selection during the crisis has undergone a rapid transformation, with distorsions that may lead even skilled firms to exit. Implications of these findings for EU recovery policies are discussed.it
dc.language.isoIngleseit
dc.subjectIntangiblesit
dc.subjectFirm exitit
dc.subjectEU crisisit
dc.subjectIndustry dynamicsit
dc.titleEconomic crisis and firm exit: do intangibles matter?it
dc.typeResearch paperit
dc.subject.miurSECS-P/07 Economia aziendaleit
dc.subject.JELD22it
dc.subject.JELL21it
dc.subject.JELL25it
dc.subject.JELO32it
Appears in Collections:The impact of the Great Recession on manufacturing firms. Workshop proceedings

Files in This Item:
File Description SizeFormat 
Landini Arrighetti Lasagni WP 03_2015.pdf1.19 MBAdobe PDFView/Open


This item is licensed under a Creative Commons License Creative Commons